27/05/2020 - 07:04

Morning Headlines

27/05/2020 - 07:04

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Morning Headlines

Qld and WA to miss out on students

Universities in Queensland and Western Australia stand to miss out on an influx of thousands of international students in the next few months because their state governments are declining to take a plan to national cabinet for the return of international students. The Aus

FIFO miners get back into the swing of work

Iron ore miners are plotting a return to normality from the coronavirus crisis, with both Fortescue Metals and BHP flagging hopes of a return to normal rosters from late next month. The Aus

ATO cracks down on tax avoidance by foreign investors

The Australian Taxation Office is investigating foreign investors who ‘‘mischaracterise’’ finance and equity injections into local businesses to avoid tax that could be referred to the Foreign Investment Review Board. The Fin

Show us the science for closures: minister

Any premier who refuses to reopen their borders must release the scientific advice on which the decision was based, the federal government demanded as it warned of avoidable mass job losses in tourism and hospitality if the border lockdowns continue. The Aus

PM seeks union work accord

Unions and businesses have signed up to a new accord-style compact with the Morrison government to negotiate an overhaul of the industrial relations system, including a revival of Keating-era enterprise bargaining that encouraged workers and employers to maximise productivity and wages. The Fin

Recovery hopes boosted as shares exit bear market

A record high for Afterpay and renewed interest in the hollowed-out travel sector means Australian stocks have clawed back their COVID-19 losses to less than 20 per cent, signifying that the S&P/ASX 200 Index is no longer in a bear market. The Fin

$60b JobKeeper error ‘worst case scenario’

Prime Minister Scott Morrison has blamed the $60 billion JobKeeper underspend on the ‘‘extreme’’ uncertainty over the coronavirus and economy facing Treasury forecasters at the height of the pandemic. The Fin

Deloitte, PwC changes leave grads on edge

Deloitte will defer the start date for most of its mid-year graduate intake by eight months, while PwC will cut recruitment by up to 50 per cent, two of the biggest changes to graduate programs from the COVID-19 downturn. The Fin

WA’s spending growth leads the nation

The reopening of WA’s economy is already having an impact, with the State’s year-on-year spending this month leading the nation, ANZ data says. The West

Wesfarmers gains from loss

Target’s mass store closures are expected to lift Wesfarmers’ profit as much as $100 million a year, but the dramatic revamp has done little to alleviate scepticism about the chain’s prospects. The West

 

 

The Australian Financial Review

Page 1: Unions and businesses have signed up to a new accord-style compact with the Morrison government to negotiate an overhaul of the industrial relations system, including a revival of Keating-era enterprise bargaining that encouraged workers and employers to maximise productivity and wages.

A record high for Afterpay and renewed interest in the hollowed-out travel sector means Australian stocks have clawed back their COVID-19 losses to less than 20 per cent, signifying that the S&P/ASX 200 Index is no longer in a bear market.

The Australian Taxation Office is investigating foreign investors who ‘‘mischaracterise’’ finance and equity injections into local businesses to avoid tax that could be referred to the Foreign Investment Review Board.

Page 3: Credit and debit card data from Commonwealth Bank and ANZ show consumer spending has recovered so much that it is now above where it was this time last year.

Human trials of a COVID-19 vaccine began in Australia yesterday, with six volunteers injected with a recombinant vaccine created by US company Novavax.

Page 6: The federal government is working up a multibillion-dollar scheme to construct residential housing as part of its strategy to stimulate the economy and prop up the building industry as the nation emerges from the health crisis.

Prime Minister Scott Morrison has blamed the $60 billion JobKeeper underspend on the ‘‘extreme’’ uncertainty over the coronavirus and economy facing Treasury forecasters at the height of the pandemic.

Page 11: Boards and management can focus on running their business rather than worrying about opportunistic class actions, after Treasurer Josh Frydenberg temporarily relaxed the continuous disclosure regime, Wesfarmers chairman Michael Chaney says.

Page 12: Singapore is exploring ‘‘green lane’’ travel arrangements with other nations and preparing to reopen a large section of industry next week, after data yesterday showed its economy shrank in the first quarter.

Page 14: Deloitte will defer the start date for most of its mid-year graduate intake by eight months, while PwC will cut recruitment by up to 50 per cent, two of the biggest changes to graduate programs from the COVID-19 downturn.

Page 15: Coca-Cola Amatil’s managing director says she is ready to cut jobs if the Australian economy goes into a deep downturn, but it’s too early to begin a wave of redundancies because she needs to see how the restart of the economy plays out.

Flexigroup will take a tough line on solar installers found to be inflating the cost of panels financed with its popular buy now, pay later product Humm, after a consumer legal group and the corporate regulator told the Australian Competition Tribunal some consumers were paying for ‘‘interest-free’’ financing deals.

Page 17: Lynas Corporation boss Amanda Lacaze says it is the only rare earths company that can deliver what the US Department of Defence (DoD) wants in terms of a non-Chinese supply chain for materials essential in military applications.

Page 20: Fortescue Metals Group has abandoned legal action aimed at preventing the publication of the price it charges for iron ore.

 

 

The Australian

Page 1: Scott Morrison, business leaders and the unions have agreed to “put their weapons down” in developing a new consensus on industrial relations reform, in a bid to end three decades of political deadlock and reignite the economy.

Page 2: Federal Energy Minister Angus Taylor has raised the pressure on state governments to unlock more gas to complement the growth of renewables, as new figures show wind, solar and hydro generation has increased by 54 per cent since 2015.

Page 4: The architect of Scott Morrison’s new national skills agenda, Steven Joyce, says the planned overhaul of the vocational education sector “will be a massive asset to Australia over the next 20 to 30 years”.

Page 6: Any premier who refuses to reopen their borders must release the scientific advice on which the decision was based, the federal government demanded as it warned of avoidable mass job losses in tourism and hospitality if the border lockdowns continue.

Page 13: Self-managed super funds suffered a $70bn hit from the market turmoil in the March quarter, putting further strain on the retirement savings of investors already battling a crash in interest rates and a rental freeze.

Page 14: Commonwealth Bank of Australia is said to have shown some interest in funding the ongoing operations of Virgin Australia on behalf of a new owner, in the likely event that the successful bidder for the airline wants to refinance the carrier’s debt.

Page 15: Finder.com.au founder Fred Schebesta is the latest suitor for the AAP newswire service in what could become an increasingly competitive bid for the 85-year-old company due to close in June.

Page 16: Iron ore miners are plotting a return to normality from the coronavirus crisis, with both Fortescue Metals and BHP flagging hopes of a return to normal rosters from late next month.

Page 21: Universities in Queensland and Western Australia stand to miss out on an influx of thousands of international students in the next few months because their state governments are declining to take a plan to national cabinet for the return of international students.

 

 

The West Australian

Page 3: A new Keating-style era of industrial relations will result in maximum benefit to the WA economy, with Attorney-General Christian Porter intending to convene meetings in Perth of new working groups tasked with tearing up the old workplace system.

Page 4: The Federal Government was last night hosing down speculation that Australian wine was the latest product caught in the crossfire of the trade war with China.

Page 5: AMA WA president Andrew Miller has told interstate leaders to “calm down” over Premier Mark McGowan’s tough border stance, telling them to get their own houses in order before worrying about WA.

Page 7: More than two million extra influenza vaccines will be rolled out in coming weeks to cater for “unprecedented demand” during COVID-19.

Page 11: The award-winning real estate agent alleged to have stolen home open signs will be accused of taking them from a former employee who is now a rival.

Business: WA’s big three iron ore miners are confident of keeping their sites coronavirus-free after flagging a return to pre-pandemic, family-friendly rosters for their fly-in, fly-out workers.

The State Government is reforming Aboriginal heritage laws that allowed Rio Tinto to destroy two rock shelters in the Pilbara that have evidence of human occupation dating back 46,000 years.

The reopening of WA’s economy is already having an impact, with the State’s year-on-year spending this month leading the nation, ANZ data says.

WA craft breweries have shaken up their menus to cope with the loss in sales during COVID-19.

Australian gold miners are resuming a pandemic-disrupted exploration spree as prices surge.

Target’s mass store closures are expected to lift Wesfarmers’ profit as much as $100 million a year, but the dramatic revamp has done little to alleviate scepticism about the chain’s prospects.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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